Digital Assets  specifically are digital tokens that represent assets such as a debt or equity claim on the issuer.

Digital Asset Offerings are ICOs (Initial Coin Offerings) & other Distributed Ledger Technology (DLT) offers of digital assets.

Initial Coin Offerings (ICOs)  are DLT capital-raising offers that involve the issuance of tokens to the general public in return for cash, Cryptocurrencies or other assets.

ICO Project – The underlying business or project referred to in a white paper for which the issuer seeks to raise capital through an initial digital asset offering.

“Virtual Assets” are defined  as digital representations of value that can be traded, transferred, able to be used for payment and Investment purposes and which exclude items like digital representations of Fiat currencies (such as Stablecoins).

“VASPs” or Virtual Asset Service Providers , like traditional stock trading/brokerage firms, are businesses licensed to conduct of behalf of other parties :-

a) Exchanges between Cryptocurrencies and Fiat currencies;

b). Exchanges between virtual assets;

c). The transfer of Virtual assets;

d). The safe-keeping of Virtual assets;

e). The provision of financial services related to an issuer’s offer or sale of a virtual asset.

DAXs are businesses licensed to operate as platforms/marketplaces for the exchange of digital or virtual assets in a manner similar to stock exchanges.

Digital Asset Offering Platforms (DAOPs) are businesses licensed in Nigeria to undertake Digital Asset Offerings in a manner similar to traditional Issuing houses.

DAX & DAOP licensing in Nigeria comes with the following cost implications:-

a). A filing/application fee of 100,000.00Naira;

b). A processing fee of 300,000.00 Naira;

c). A registration fee of 30 million Naira;

d). A minimum paid up Capital requirement of 500 million Naira.

DAX & DAOP licensing in Nigeria comes with the following cost implications:-

a). A filing/application fee of 100,000.00Naira;

b). A processing fee of 300,000.00 Naira;

c). A registration fee of 30 million Naira;

d). A minimum paid up Capital requirement of 500 million Naira.

VASP licensing in Nigeria currently comes with no license fee obligation,but carries a set of requirements needed for licensing that center on a proven capability/experience record in digital asset and cryptocurrency trading. This requires a legal consultation with your

The law firm of I.OGBUKA LEGAL charges negotiable hourly fees, one-off fees, percentage fees and continuous or segmented fees for services rendered based on a fee scale that is strictly in keeping with the boundaries set by the Legal Practitioners Remuneration Order 2023 as well as other considerations such as:

• The complexity, difficulty or novelty of a brief.
• The level of skill,labour, experience, specialized knowledge & responsibility required on the part of a legal practitioner.
• The amount, diversity, technicality & importance of documentation prepared or perused.
• The location & circumstances in which a legal service is rendered.
• The turnaround time required by a client for the completion of a brief.
• The monetary value of a brief ‘s subject matter(such as the monetary fee value of a regulatory license).

The firm of I.OGBUKA LEGAL in addition to the above operates different legal fee categories for Nigerians resident in Nigeria, Nigerians residing abroad, and foreigners. The firm’s fees are always quoted as being separate from costs and disbursements associated with carrying out a brief.

To have an idea of the fee scale prescriptions by the Legal Practitioners Remuneration Order 2023 for lawyers of at least 10 years standing at the bar for a range of services relating to digital assets / cryptocurrency license procurement & renewal, click HERE. Note that the fee prescriptions contained in this link do not constitute an inducement or solicitation,are not reflective of the exact fees charged by the firm for services and are in fact in some cases, subject to review depending on each client and within the boundaries of the Legal Practitioners Remuneration Order.